Subject:
Title
Affordable Housing Program project funding recommendation for Fairfield Avenue Apartments by Fairfield Avenue LLC.
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Recommended Action:
Recommended Action
Recommend conditional approval of affordable housing funding for Fairfield Avenue Apartments by Fairfield Avenue Apartments LLC.
It is further recommended that the County Administrator be authorized to negotiate and approve the terms, conditions, and final funding amount not to exceed the Board of County Commissioners (Board) approved amount.
• Fairfield Avenue Apartments is a planned new housing construction project with a total of 264 multi-family affordable apartment units. The affordable unit set asides are: 53 units for households earning less than 50.0% of Area Median Income (AMI), 67 units for households below 80.0% of AMI and the remaining 144 units for households below 120.0% of AMI.
• The County funding recommendation for Fairfield Avenue Apartments is $5.6M of which $3M will be used for land acquisition and $2.6M for construction costs.
• The total development cost is estimated to be $51,426,942.00. Other sources of funding include a HUD 211 (d) (4) loan of ($43,826,942.00), and St. Petersburg CRA funds ($2M).
• The project location is 3300 Fairfield Avenue South in St. Petersburg.
• Next steps: County and Housing Finance Authority staff will complete additional due diligence activities including, but not limited to, property appraisals, title searches, loan underwriting and financial analysis. Funding agreements, leases, loan documents, and affordability restrictions will be prepared, negotiated, and executed.
• Board funding approval is conditioned upon satisfactory completion of all due diligence review as determined by the County Administrator.
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Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.4 Support programs that seek to prevent and remedy the causes of homelessness and move individuals and families from homelessness to permanent housing
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Summary
Fairfield Avenue Apartments is a planned new housing construction project with a total of 264 multi-family affordable housing units. The affordable unit set asides are: 53 units for households earning less than 50.0% of AMI; 67 units for households below 80.0% AMI and 144 units for households below 120.0% AMI. The housing complex will be adjacent to a main bus line (34th Street), Gibbs High School, and the Pinellas Trail. The site is also located in a CRA and on a primary transit corridor.
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Background Information:
County Housing and Community Development staff have evaluated and scored the project application and found it to be eligible for funding assistance.
The project is in a prime location near Downtown St Petersburg, located near primary and secondary transit corridors and within the St Petersburg South CRA. The primary funding source for the project is a HUD 211 (d) (4) loan. In addition, the St Petersburg South CRA has committed $2M to the project. The $5.6M County funds will be split between land acquisition ($3M) and construction costs ($2.6M), and the land will be placed in the County Land Trust ensuring permanent affordability of the project.
Fiscal Impact:
Total maximum expenditure: $5,6M
Funding to support land acquisition and construction of affordable housing is available from the Fiscal Year 2022 (FY22) Penny IV budget of $18.1M (project 004150A).
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Partners:
City of St. Petersburg
St. Petersburg South CRA
Department of Housing and Urban Development
Pinellas County Housing Finance Authority
Attachments:
Project Application Evaluation Summary Sheets
Project Scoring Criteria
Penny IV Affordable Housing and Economic Development Program Guidelines
Income and Rent Limits